(2010-11-17) Deficit Commission

The National Commission on Fiscal Responsibility and Reform is a commission created in 2010 by President Barack Obama to identify "…policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run." The commission first met on April 27, 2010. In other words, it's designed to deal with the Budget Deficit/National Debt.

Derek Thompson considers.... A cynic might say the president established the commission hoping it would fail. Why would he do that? So that he could both claim the mantle of fiscal responsibility ("I tried to reduce the deficit, see!") while never ruffling feathers by cutting spending or raising taxes. A cynic could also say the deficit commission encouraged the release of this markup so that it would be eaten alive by the press, absolving members of responsibility if they voted against it. But that would be cynical!

The chairmen released their draft proposal on Nov10.

• During a briefing for reporters, Bowles and Simpson stressed that the plan is theirs alone and acknowledged that it is unlikely to win support from a majority of the commission's 18 members, many of whom seemed startled Wednesday by its breadth and scope. Bowles called it "a starting point" as the panel attempts to forge an agreement by Dec. 1.

• ObamaCare was left intact, but other benefit programs affected (e.g. Social Security age-increases, etc.)

• The reaction was harsh in some quarters, particularly among liberals who have vowed to protect retirees from any reduction in benefits. House Speaker Nancy Pelosi (D-Calif.) called the plan "simply unacceptable."

Nov13: The Ny Times created a puzzle/game to let you try and solve the problem.

• Arnold Kling and David Henderson found it easy to win.